Scammers always take advantage of any situation to commit fraud, What happened to DeFi, which has seen a lot of scams lately,
is very detrimental to investors. Therefore, with the hype that occurred on DeFi projects this year, scammers are interested in taking
advantage of this situation. So we must always be careful in choosing DeFi projects for investment, because not all DeFi projects are
necessarily profitable.
Topic: Another DeFi exit scam just made off with $20M in investor funds (Read 672 times)
September 20, 2020, 06:49:43 PM
September 20, 2020, 06:38:30 PM
The lesson here is to not be overconfident on the project you are investing, just because you saw the word DeFi staking and loan, there's a lot on it than what you think these DeFi's are running on a smart contract that triggers an action every time it met a certain condition, it's not a remote possibility that there is a trigger there than transfer all the funds to other wallets, I've seen this happen in so many Ponzi schemes on Tron where a back door was created to transfer all funds, so only invest on a smart contract that is certified and audited for your protection.
A similar attitude should be taken with any investment project. A similar situation was at the time when the ICO appeared, and we saw a sea of scammers who stole a huge amount of money.
Then the IEO came, and history repeated itself. Now DEFI has come and history repeats itself again.
September 20, 2020, 06:36:46 PM
The lesson here is to not be overconfident on the project you are investing, just because you saw the word DeFi staking and loan, there's a lot on it than what you think these DeFi's are running on a smart contract that triggers an action every time it met a certain condition, it's not a remote possibility that there is a trigger there than transfer all the funds to other wallets, I've seen this happen in so many Ponzi schemes on Tron where a back door was created to transfer all funds, so only invest on a smart contract that is certified and audited for your protection.
A similar attitude should be taken with any investment project. A similar situation was at the time when the ICO appeared, and we saw a sea of scammers who stole a huge amount of money.
Then the IEO came, and history repeated itself. Now DEFI has come and history repeats itself again.
Wondering how many people will regret buying these DeFi tokens? Definitely, there are authentic DeFi projects but with the current rate of DeFi projects being introduced in the market, only few of them will survive this hype. History repeats itself but a lot of people don't learn their lessons well.
September 20, 2020, 06:29:45 PM
The lesson here is to not be overconfident on the project you are investing, just because you saw the word DeFi staking and loan, there's a lot on it than what you think these DeFi's are running on a smart contract that triggers an action every time it met a certain condition, it's not a remote possibility that there is a trigger there than transfer all the funds to other wallets, I've seen this happen in so many Ponzi schemes on Tron where a back door was created to transfer all funds, so only invest on a smart contract that is certified and audited for your protection.
A similar attitude should be taken with any investment project. A similar situation was at the time when the ICO appeared, and we saw a sea of scammers who stole a huge amount of money.
Then the IEO came, and history repeated itself. Now DEFI has come and history repeats itself again.
September 17, 2020, 11:56:29 AM
Is it surprising that among the many DeFi projects, there are also some which aren't legit 
To me it isn't surprising at all. This hype about DeFi unfortunately can cause so many people to lose their money. The industry is so ludicrous that if not carful you could blow your money in minutes. The issue is that many people don't go for large and trusted projects.
To me it isn't surprising at all. This hype about DeFi unfortunately can cause so many people to lose their money. The industry is so ludicrous that if not carful you could blow your money in minutes. The issue is that many people don't go for large and trusted projects.
I don't understand what the problem is with them specifically? Defi is the same Protocol as many others similar to it. Yes, previously it would be possible to reset everything to the fact that the new product has not yet been tested, but the experience is already available and quite good. I think it's about people's attitude to this phenomenon. Now there is a strong hype as before with bitcoin, and then with other cryptocurrencies. Everything is cyclical and everything repeats
September 17, 2020, 11:52:27 AM
Most defi project hide their team identity which i think not appropriate way to make a projects that has term a really high risk investment.
Everyone should have the same thought like you dude. People should aware if when the team didn't wanna show its real identity and as what has already said by CZ if those people were betting in a very high risk investment. The anonymous team can be used as a very strong indication if that was running by the fake team. So many scam projects did this in the past. We must become a smart investors that was putting the transparency at the top of our DYOR.
September 17, 2020, 12:42:00 AM
Looks like exit scams are new normal in DeFi space every day I am seeing at least 2-3 projects doing an exit scam on the crypto community. Last week alone two of the projects that I invested in did a rug pull. Need to be extremely careful now.
September 16, 2020, 11:56:09 PM
Most defi project hide their team identity which i think not appropriate way to make a projects that has term a really high risk investment. i would not invest at anonymous team as the team could disappear easily after getting the money from investors.
I have already been burnt in several anonymous projects, I tell you they seemed legit as shit at first but then they just disappeared. Stay the hell away from anon team projects if you like your money.
I don't really care about whitepapers they are for namesake. Anyone can juggle few pages it's product that counts.
September 15, 2020, 08:08:21 AM
I have already been burnt in several anonymous projects, I tell you they seemed legit as shit at first but then they just disappeared. Stay the hell away from anon team projects if you like your money.
Same, I had some many plays on uniswap but I started to think to trade back again on futures while I realized that some of these petty projects are just playing with our funds and totally deceiving some traders. I dont know but thats the essencr of a risky investment. Right now, will stop trading these risky tokens on uniswap and only invest on big and legit projects where funds have a real chance to mature rather than a silly pump and dump experienced. 
September 15, 2020, 08:01:57 AM
Most defi project hide their team identity which i think not appropriate way to make a projects that has term a really high risk investment. i would not invest at anonymous team as the team could disappear easily after getting the money from investors.
I have already been burnt in several anonymous projects, I tell you they seemed legit as shit at first but then they just disappeared. Stay the hell away from anon team projects if you like your money.
September 14, 2020, 11:54:50 PM
Most defi project hide their team identity which i think not appropriate way to make a projects that has term a really high risk investment. i would not invest at anonymous team as the team could disappear easily after getting the money from investors.
I have already been burnt in several anonymous projects, I tell you they seemed legit as shit at first but then they just disappeared. Stay the hell away from anon team projects if you like your money.
September 14, 2020, 11:35:01 PM
Most defi project hide their team identity which i think not appropriate way to make a projects that has term a really high risk investment. i would not invest at anonymous team as the team could disappear easily after getting the money from investors.
That's you but even there was a lot of awareness about this and so many investors are still betting on the defi project that didn't reveal who's behind the project itself. I have joined in so many groups and when i wanna try to make awareness for them and they blame me as a FUDers. I will also try to take the same decision like you too but if the investors are still blindly investing in the crap defi project and that will be a disaster consider the scammer can ruined the bullish trend that is still happening with bitcoin and the whole of crypto.
September 14, 2020, 04:16:02 PM
This hype is nothing like 2017 and this type of news can not affect other DeFi projects. In the forum, we warn many times about the scam DeFi project and we have also mentioned that scammers will take advantage of this situation and will run fake projects. If investors were careful enough we wouldn't see this type of news.
cant blame the investor since the scammer is cunning. the chance of being scammed is indeed high and only if people choose DeFi project that's most trustworthy and presented by big popular exchanger they will hardly be scammed but most of people are just greedy.Most defi project hide their team identity which i think not appropriate way to make a projects that has term a really high risk investment. i would not invest at anonymous team as the team could disappear easily after getting the money from investors.
I think this is true. even if it's DeFi the identity of developer behind the project shouldnt be anonymous. 
September 14, 2020, 01:15:55 PM
Most defi project hide their team identity which i think not appropriate way to make a projects that has term a really high risk investment. i would not invest at anonymous team as the team could disappear easily after getting the money from investors.
September 14, 2020, 12:55:10 PM
Anyone trusting any anonymous developer deserve to lose his/her money, at the year 2020 and the level of sophistication among hackers now, you shouldn't trust anyone, this is the basis on which Bitcoin was built. I just have a feeling this is just a start we are still going to see more people having rug pull under them
September 13, 2020, 04:18:02 PM
Is it surprising that among the many DeFi projects, there are also some which aren't legit
This isn't surprising at all lol scammers are always watching the market, and this hype made them overwhelmed to get into it. Besides, creating token these days is so basic, like af, you can create your own advertise it yourself, get an investor and voila. As I see, this is going to be a ruined era for projects, the hype will be over as soon as investors gets jacked. To me it isn't surprising at all. This hype about DeFi unfortunately can cause so many people to lose their money. The industry is so ludicrous that if not carful you could blow your money in minutes. The issue is that many people don't go for large and trusted projects.
Imagine a shitcoin being pump out of nowhere just because of the hype. The projects these days are not even for long term lol. 
September 13, 2020, 12:58:27 PM
Is it surprising that among the many DeFi projects, there are also some which aren't legit
To me it isn't surprising at all. This hype about DeFi unfortunately can cause so many people to lose their money. The industry is so ludicrous that if not carful you could blow your money in minutes. The issue is that many people don't go for large and trusted projects.
To me it isn't surprising at all. This hype about DeFi unfortunately can cause so many people to lose their money. The industry is so ludicrous that if not carful you could blow your money in minutes. The issue is that many people don't go for large and trusted projects.
September 13, 2020, 12:52:48 PM
I understand that a lot of defi projects made investors a lot of profit and that is why there is so much attention towards them, it makes sense that people want to be part of something that they feel they might be too late or just in time, which is why they try to invest into everything they can find just to make sure that whichever still goes up, they could make some profit from it.
I have seen people who said if they could 100x from just one investment, that means they can invest into hundreds of them since it would go down but not to zero so they would be still in profit. I really can't believe how people think that way but it is true. All of this is wrong thinking obviously, they should be a lot more careful about what they do but unfortunately we can't stop these people.
Many DeFi projects take advantage of it because in the current exchange such projects have very high prices so these thieves try to use opportunities like this to make a profit, I am sure actors like this have tried during the ICO period and currently the DeFi era they try again. I have seen people who said if they could 100x from just one investment, that means they can invest into hundreds of them since it would go down but not to zero so they would be still in profit. I really can't believe how people think that way but it is true. All of this is wrong thinking obviously, they should be a lot more careful about what they do but unfortunately we can't stop these people.
September 13, 2020, 12:27:22 PM
I understand that a lot of defi projects made investors a lot of profit and that is why there is so much attention towards them, it makes sense that people want to be part of something that they feel they might be too late or just in time, which is why they try to invest into everything they can find just to make sure that whichever still goes up, they could make some profit from it.
I have seen people who said if they could 100x from just one investment, that means they can invest into hundreds of them since it would go down but not to zero so they would be still in profit. I really can't believe how people think that way but it is true. All of this is wrong thinking obviously, they should be a lot more careful about what they do but unfortunately we can't stop these people.
I have seen people who said if they could 100x from just one investment, that means they can invest into hundreds of them since it would go down but not to zero so they would be still in profit. I really can't believe how people think that way but it is true. All of this is wrong thinking obviously, they should be a lot more careful about what they do but unfortunately we can't stop these people.
September 13, 2020, 09:54:47 AM
DeFi cant be a scam at any point of time. Its going to take over the BTC and ETH.
The numbers and stats of People getting into defi has increased.
READ More news at TheNewsCrypto
#Defiadoption #DEFI #BTC #Crypto
The numbers and stats of People getting into defi has increased.
READ More news at TheNewsCrypto
#Defiadoption #DEFI #BTC #Crypto
September 13, 2020, 08:22:34 AM
The defi is now trending its got a huge hype but i think the process they follow its amazing .we have seen lots of scamming in past years on ICO and IEO but still the good project has been succeed .I always suggest investor to invest on a legit project but sometimes its may happen .Hope the upcoming project will be better .
September 13, 2020, 08:08:40 AM
When these defi things get hyped up to a certain extent, and many project of the form started springing up, I had knew that would be a point of predation on the newbies by these cryptocurrency scammers that disguise as good project teams.
September 13, 2020, 08:02:45 AM
Yeah, newbies seem to be the prey to this unending project with exit scam information, Defi hype is making some investors not to think properly before taking any risk, they just want to catch the next big thing and scammers have recognize this so they utilize it, even when lots of people have been scammed, others don't seem to learn from it.
it is not a matter of new or old people. It relates to everyone's different psychology when it comes to the hype and character of market trends moving.
September 13, 2020, 07:45:30 AM
Sounds like 2018 and ICO tokens getting dumped 
I had already expected this since the DeFi hype was going quite similar to the ICO hype.
The difference being that those who were aware of the ICO hype backed off this time which is why the DeFi hype didn't last longer.
I think sooner or later most of the DeFi tokens will be dumped and only a few tokens with real potential will survive this DeFi dump.
I had already expected this since the DeFi hype was going quite similar to the ICO hype.
The difference being that those who were aware of the ICO hype backed off this time which is why the DeFi hype didn't last longer.
I think sooner or later most of the DeFi tokens will be dumped and only a few tokens with real potential will survive this DeFi dump.
September 13, 2020, 07:34:41 AM
Nowadays you don't have to be a professional hacker to be able to do that , with a simple WordPress website, a smart contract with logo, some shit token you can do that too , unfortunately, market has been overloaded with newbies and they seem to be good bate for some thieves .
Yeah, newbies seem to be the prey to this unending project with exit scam information, Defi hype is making some investors not to think properly before taking any risk, they just want to catch the next big thing and scammers have recognize this so they utilize it, even when lots of people have been scammed, others don't seem to learn from it.
September 13, 2020, 07:13:05 AM
Right from the beginning, I was against over-hyping DeFi. Because I have seen how the previous bubbles fared. We had the ICO bubble in 2017-18, and then the IEO bubble in 2019. You can check the current state of these bubbles now. Every time, the bubble form around an interesting idea. The concept of ICO, IEO and DeFi is really good. But the problem is that after they get over-hyped, the scammers will flood the market with their pyramid and ponzi schemes. And unfortunately, there is no shortage of investors who are either stupid or greedy (or both) to fall for these schemes.
September 13, 2020, 05:25:45 AM
Well, how many scam DeFi projects have to come to bring people to a question, why I would risk my money for few percent interest? There are sooo many working DeFi platforms, lending platforms with up to 8% interest rate, why people still risk their money to gain a little bit more? 
September 13, 2020, 05:21:12 AM
Investors try to buy DeFi tokens at a low price at an early stage of project development. And such investors do not wait for the project to be audited, in order to get a high profit. Perhaps such a strategy brings profit to the investors, if the rest of the projects turn out profitable.
Some are profitable, some are not, still for investors who buy DeFi tokens at low prices and succeed with the continuation of higher prices then that is lucky, but now there are still many DeFi tokens that continue to be disguised, even some investors don't know how to choose DeFi tokens at an early stage.I think there are still many benefits from the DeFi project until now even investors are still hunting for it to buy in the early stages of development.
September 13, 2020, 04:59:19 AM
Investors try to buy DeFi tokens at a low price at an early stage of project development. And such investors do not wait for the project to be audited, in order to get a high profit. Perhaps such a strategy brings profit to the investors, if the rest of the projects turn out profitable.
September 13, 2020, 04:57:38 AM
This defi story is so like ico story. Soon we will see a lot of posts like this
September 13, 2020, 04:37:30 AM
A project has an anonymous team dev and they are willing to spend a large amount of money to participate in a private sale. They deserve to lose money for a project of this kind, at least they need to know who is behind the project and whether the source code of the project already exists, and who is moderating them. For me, a decent project should not give them too much money because they may not work seriously.
September 13, 2020, 04:29:54 AM
Such as ICO project in the past, there are good and bad/scam project and the same with the DeFi project. The lesson here is don't just put an investment to the project just because you saw that is trend, make a research don't just put your money in DeFi.
Scammers have always been parasites in the crypto space, throughout the history of crypto projects have never been free from scammers, starting from ICO, IEO and DEFI. Their presence is very disturbing, thus making investors suffer huge losses. Investing in crypto projects is very risky, but we can avoid it by researching and understanding the direction and goals of the projects we are going to invest in. September 13, 2020, 01:38:43 AM
Nowadays you don't have to be a professional hacker to be able to do that , with a simple WordPress website, a smart contract with logo, some shit token you can do that too , unfortunately, market has been overloaded with newbies and they seem to be good bate for some thieves .
September 13, 2020, 12:56:17 AM
What the hell is yfdexf.finance? Like seriously how the hell do you guys find those places? I really do not understand that at all. I wouldn't put in a single cent there but people collectively ended up putting over 20 million dollars for the dude to actually steal from them.
I could seriously consider starting a "asdgavvxcvasdefi.finance" and would probably even make some money, live rest of my life without ever worrying about making a single cent again aside from that. Think about it, this dude stole some 20 million, would you ever need to work again if you had 20 million dollars? I could have just 1 million dollars and even that would be enough for me to never work again in my life, it is such a huge amazing number. Do not be so easy to fool by these scammers.
I could seriously consider starting a "asdgavvxcvasdefi.finance" and would probably even make some money, live rest of my life without ever worrying about making a single cent again aside from that. Think about it, this dude stole some 20 million, would you ever need to work again if you had 20 million dollars? I could have just 1 million dollars and even that would be enough for me to never work again in my life, it is such a huge amazing number. Do not be so easy to fool by these scammers.
September 12, 2020, 03:19:10 PM
Finally what was feared all this time also happened, scammers will do everything they can to get money in the wrong way and harm others, In cases like this, investors are always victims. Incidents like this are very harmful to the good name of Defi, even though Defi is on the right track, but because of the scammer, Investors will think twice about investing in Defi.
I want to support the best projects. I do my best to research but success history is very low. Now I hear only one scam news from DeFi projects. But 20 million is huge money, in future investors will think more than twice. My bad that I didn't find the name to do my research. Although investors are always victims and also high gainers. 
September 12, 2020, 11:27:54 AM
Invest only what you are ready to lose, well, this is one of the main rules of cryptocurrency, in the pursuit of greater profit, you need to be prepared for large losses.
That is certain and everyone in crypto must already know about it and are ready to lose, because if they are not ready, of course they will have left crypto first and will never be here again for anything else.the scam is always there so they need to learn everything before taking the risk to invest their money. Just bad news for everyone if there are new investors leave in crypto world because of that reasons but we need to accept the fact that every thing that there is a money there is also scammers looking in it.
September 12, 2020, 09:45:12 AM
This is what I'm saying since the market makes these Defi projects so popular that even newbies and Noob becomes interested.
the Hype is over and most coins increases more than 100% and there are even a thousand % just because of this scenarios .
Now here we are starting to see what is the real intentions behind this and i believe there are Big financier for this overhyped Market.
For those who are in Defi Investments now?please think 100 times if you need to exit now or face the risk that sooner will come.
If you are already in profit now better leave and find legit coins and of course Bitcoin lol.
the Hype is over and most coins increases more than 100% and there are even a thousand % just because of this scenarios .
Now here we are starting to see what is the real intentions behind this and i believe there are Big financier for this overhyped Market.
For those who are in Defi Investments now?please think 100 times if you need to exit now or face the risk that sooner will come.
If you are already in profit now better leave and find legit coins and of course Bitcoin lol.
September 12, 2020, 09:42:04 AM
Invest only what you are ready to lose, well, this is one of the main rules of cryptocurrency, in the pursuit of greater profit, you need to be prepared for large losses.
That is certain and everyone in crypto must already know about it and are ready to lose, because if they are not ready, of course they will have left crypto first and will never be here again for anything else. September 12, 2020, 09:26:33 AM
Such as ICO project in the past, there are good and bad/scam project and the same with the DeFi project. The lesson here is don't just put an investment to the project just because you saw that is trend, make a research don't just put your money in DeFi.
September 12, 2020, 09:07:25 AM
Damn 20 million is an insane amount of money. Feel bad for the investors but this is the risk you run when you chase quick 3x toke s . I hope they knew the risk they got into.
I think all investors know about the risks they are facing so they don't feel afraid because of it, after all investors have also experienced good luck and got the maximum return on their investment. September 12, 2020, 08:41:44 AM
This is the same thing as ICO in the past where a lot of money was invested there because of their madness for tokens pumped by the hype, now things are happening again with the name DeFi where many investors have given up their money only for projects that are not important even just following trends which is already left behind, this is not a good idea where now the scamer is always ready to accommodate investors' money and take them away and make sure you are no longer interested in the DeFi Project because for me this is over the market has been down since yesterday.
September 12, 2020, 08:41:07 AM
This kind of news about new project and new crowdfunding doesn't really surprise me anymore since I think it would just continue to happen.
I think it would just continue as it is a new type of crowdfunding or a new name would pop out and the first few project would work well and then the rest would struggle and most would turn into scam.
It is just like a never ending cycle that starts from ICO.
I think it would just continue as it is a new type of crowdfunding or a new name would pop out and the first few project would work well and then the rest would struggle and most would turn into scam.
It is just like a never ending cycle that starts from ICO.
September 12, 2020, 08:15:10 AM
Everyone chooses for himself the degree of risk for earning. Surely those who lost their savings imagined that this could happen because it is impossible not to understand this. I want to make money quickly and a lot, as an option they got zero.
Some are not because they are just thinking for an easy money without understanding how the scammer works and in reality many can’t handle such losses. We will slowly hear many exit scams news because DeFi will soon fade and the hype will be gone totally. I’m still holding good DeFi projects, and I see their future but I’m not that confident on this market. September 12, 2020, 08:11:07 AM
Finally what was feared all this time also happened, scammers will do everything they can to get money in the wrong way and harm others, In cases like this, investors are always victims. Incidents like this are very harmful to the good name of Defi, even though Defi is on the right track, but because of the scammer, Investors will think twice about investing in Defi.
September 12, 2020, 05:52:53 AM
Everyone chooses for himself the degree of risk for earning. Surely those who lost their savings imagined that this could happen because it is impossible not to understand this. I want to make money quickly and a lot, as an option they got zero.
September 12, 2020, 05:31:31 AM
Damn 20 million is an insane amount of money. Feel bad for the investors but this is the risk you run when you chase quick 3x toke s . I hope they knew the risk they got into.
September 11, 2020, 04:39:29 PM
Scammers really always utilize the hype in order to deceive and also create another scam. In this case, many people are hyped with DeFi projects. Without careful analysis, people may be able to trap so easily. Moreover, it is about investing in new projects in which they are here because of Hype. I don't think that all of them are legit. SO, just be careful! Scammers are around us exactly.
September 11, 2020, 03:38:43 PM
What is the status of Uniswap at the moment, few weeks ago it passed 250 millions in a day but for sure it will be dumped into half because of the two recent biggest scams of Defi market.When these stupid people going to learn to stay away from these scammers?
They can't stay away from them because they need quick money for their existence. Existing in a world that believed in riches and fames will never minds getting into anything called quick money schemes. Defi will scam more than the ICOs day because of their tone they're using right now. Investors so much believed in defi that they can go extra length to invest their money in scam in the name of high profit.
September 11, 2020, 03:26:59 PM
This. This is exactly why ICO died and there is really not that much ICO investment anymore, and as you can see same will happen to DeFi as well.
There is nothing wrong with the cool and good projects, they are good and they should continue to do what they do, new projects coming in however will be scary because people will be afraid about them actually because what if this good looking project is actually a scam? What if it turns out like this 20 million dollar scam?
So they will be scared to put money in, when they are scared there will be less money and when there is less money it will go to less projects and when there is less projects there is less hype. So at the end of the day because defi was so hyped, scammers took advantage of investors and this is why the hype is almost over, probably already over.
There is nothing wrong with the cool and good projects, they are good and they should continue to do what they do, new projects coming in however will be scary because people will be afraid about them actually because what if this good looking project is actually a scam? What if it turns out like this 20 million dollar scam?
So they will be scared to put money in, when they are scared there will be less money and when there is less money it will go to less projects and when there is less projects there is less hype. So at the end of the day because defi was so hyped, scammers took advantage of investors and this is why the hype is almost over, probably already over.
September 11, 2020, 02:58:58 PM
and it is a fact that Hype Defi may not last long in the crypto market, they only take advantage of the community and investors only for their personal gain. I am very happy if in the following days there will be more about the Defi project coming out.
September 11, 2020, 01:34:36 PM
The DeFi space has moved incredibly fast in 2020, especially in recent weeks, with projects such as SushiSwap seeing millions of dollars in action only days after its launch. Some such projects, however, have proven to be problematic in a variety of ways.
https://cointelegraph.com/news/another-defi-exit-scam-just-made-off-with-20m-in-investor-funds
September 11, 2020, 12:31:52 PM
Now this is where it starts. Just like how the ICO hype was in 2017. People will keep investing into DeFi projects because its trending while scammers will take advantage of this and exit the market if they found the chance. This year really is becoming like 2017 minus the pandemic.
It started as soon as YFI exploded and inexperienced ones started rushing it like flies. Hype is never a good thing, especially when you have an exaggerated one like ICOs had back then. The fact that so many millions of dollars are still being pumped in overly hyped stuff when you have an entire history of similarly running successful scams is just absurd though.. 
September 11, 2020, 11:22:18 AM
It's so funny, I'm sorry to have to say investors are such stupid people. They only think of instant benefits for a vacation. From the name of the project they should have understood that it was a complete scam because it took advantage of a similarly successful project name. It should be easy to tell they will be deceived.
It's a shame that many investors with sizable cash have been duped. that is very bad, why are there so many investors who are deceived and are very easily consumed by market trends that are currently popular. whereas not all DeFi projects will be profitable. September 11, 2020, 11:19:19 AM
It's so funny, I'm sorry to have to say investors are such stupid people. They only think of instant benefits for a vacation. From the name of the project they should have understood that it was a complete scam because it took advantage of a similarly successful project name. It should be easy to tell they will be deceived.
September 11, 2020, 10:59:02 AM
As usual, there are good and bad ICOs while there are good and bad DeFi projects too.
A scam like this can't be avoided. Hype really can create a positive thought about the said project. Even for those who are aware that eventually, they might face a big problem in the future, there will be people that will keep investing on a hype project.
Congratulation to those who able to ride and makes a profit. While on the other hand, feel sorry for those who lead to FOMO and never able to recover their losses.
A scam like this can't be avoided. Hype really can create a positive thought about the said project. Even for those who are aware that eventually, they might face a big problem in the future, there will be people that will keep investing on a hype project.
Congratulation to those who able to ride and makes a profit. While on the other hand, feel sorry for those who lead to FOMO and never able to recover their losses.
September 11, 2020, 10:47:38 AM
Sad to see people getting ripped off, but when you "invest" in highly speculative, unaudited, risky things... this is what happens. I have been playing some DEFI but not alot, just too much risk. I prefer less risk, such as trading smart options on Spectre.ai and getting my weekly eth payouts from their business revenues
September 11, 2020, 10:15:52 AM
Now this is where it starts. Just like how the ICO hype was in 2017. People will keep investing into DeFi projects because its trending while scammers will take advantage of this and exit the market if they found the chance. This year really is becoming like 2017 minus the pandemic.
Well what can we expect to some people?They'll surely think that the new trend is an anti-scammer scheme anyway, back also when IEOs were like indicator of legitimate projects through exchanges that the coin will be listed but with compliance of the requirements of the exchange devs from the project devs but still many were still scammed after it.
Everyone adapts.
Even if the future type of project we got already circulated the whole alphabet for acronym, these scams will still happen
September 11, 2020, 10:18:50 AM
It's sad that the good intention and useful ideas brought by DeFi project is being messed up by this scammers. It will be good if there will be a application for those projects that needs to be predetermined before they will be able to create or run a project wherein they will be test and with rules or contract to avoid exit scams, the hype will ends as well the market will receive more negative feedback once the scam events continues.
September 11, 2020, 10:16:55 AM
The lesson here is to not be overconfident on the project you are investing, just because you saw the word DeFi staking and loan, there's a lot on it than what you think these DeFi's are running on a smart contract that triggers an action every time it met a certain condition, it's not a remote possibility that there is a trigger there than transfer all the funds to other wallets, I've seen this happen in so many Ponzi schemes on Tron where a back door was created to transfer all funds, so only invest on a smart contract that is certified and audited for your protection.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
September 11, 2020, 10:15:12 AM
Only God can save this world from the hands of scammers and fraudsters, it's looks like the whole world is been controlled by scammers and fraudsters, and this is very bad, people are definitely capable of unimaginable things, this is why so many are afraid of investing their money this days most especially in crypto cus a project that looks all good and promising today might just turn scam tomorrow.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
September 11, 2020, 10:11:23 AM
Behind the defi project, there will be a scam defi project that will run away with the people's money, and finally, it happens. People need to learn for that not to invest in the project that we don't know much. It is like what we saw before in ICO, which many investors invest in many ICO project, but they don't learn details about the project. So when the project becomes a scam, they are regret because they already give their money to the project. Many defi projects will scam you if you don't research the project.
September 11, 2020, 09:55:33 AM
The Cointelegraph page is saying 404 error, any one can confirm it to their end too?
It looks like they have deleted the article and if so then its probably a mistake. But it shouldn't come as a surprise now that exiting projects are happening. Its been around even before DEFI. With $20M, its a huge amount already to survive and live wealthy after the pandemic/
Quote
404 Sorry, the page you are looking for has not been found. Try checking the URL for errors and hit refresh button in your browser.
It looks like they have deleted the article and if so then its probably a mistake. But it shouldn't come as a surprise now that exiting projects are happening. Its been around even before DEFI. With $20M, its a huge amount already to survive and live wealthy after the pandemic/
September 11, 2020, 09:46:45 AM
What is the status of Uniswap at the moment, few weeks ago it passed 250 millions in a day but for sure it will be dumped into half because of the two recent biggest scams of Defi market.When these stupid people going to learn to stay away from these scammers?
September 11, 2020, 09:45:20 AM
It always sadden me when I see this kind of news. How can you see a hole and decide to jump 8n when you don't know what is exactly inside. Anonymous team will continue to cash out with this hot Defi trend until it die down. The gullible fellows will never learn.
I will rather put my faith on Ethereum and BTCitcoin with my arms fold for good return than invest on this shitcoins
I will rather put my faith on Ethereum and BTCitcoin with my arms fold for good return than invest on this shitcoins
September 11, 2020, 09:35:06 AM
The DeFi space has moved incredibly fast in 2020, especially in recent weeks, with projects such as SushiSwap seeing millions of dollars in action only days after its launch. Some such projects, however, have proven to be problematic in a variety of ways.
They've moved so quickly but they'll also be gone that rapidly. Whatever is the effect, there will be an opposite reaction for it. The hype for Defi is enormous and looks unstoppable but it won't be like that anymore for the next upcoming months.
Investors will learn from those dumps brought by hype.
September 11, 2020, 09:29:38 AM
Just like what we expected, this is the same scenario as what happened in the past in ICOs. At first, it becomes the trend and after it gets the trust of the investors and make enough money, they will make a way to do an exit scam. History does repeat itself, investors should learn from this experience since this might get worst than what we expected.
people never really learn their lesson well. the name itself is clear imitation of the original project year.finance. but this project itself has no active use case and yet they are enjoying the high price in the market. DeFis are currently the cash cow of these scammers and these naive investors are still believing their crap!
how many DeFis are they going to send their money before they realised this is another big blunder in crypto history?
September 11, 2020, 09:23:32 AM
The scammer has already gone with all of the money. As far as i know if they have gone with around 28 million dollars based on some calculation that has already made by someone who has become the victim of this scam project. '
The traders and investors who have invested in this scam project are still tracing where the money gone. The scammers have already moved all of the money.
Someone has already made a new group to trace and discuss the yfdex scam project too. https://t.me/yfdex
From what i have seen before it the site that has already created looked like legit platform but that's a trick. IDK which was true about the total money that has already stolen by the scammer because some media said if that was around 20m but some people are saying if that was 28 million. I thought that if could be more than 20 million.
The traders and investors who have invested in this scam project are still tracing where the money gone. The scammers have already moved all of the money.
Someone has already made a new group to trace and discuss the yfdex scam project too. https://t.me/yfdex
From what i have seen before it the site that has already created looked like legit platform but that's a trick. IDK which was true about the total money that has already stolen by the scammer because some media said if that was around 20m but some people are saying if that was 28 million. I thought that if could be more than 20 million.
September 11, 2020, 08:20:03 AM
exactly what gonna happen when you got a bunch of random devs that comes out of nowhere. The scammers will definitely destroy this Defi thing just like how they destroyed ICO back in the days. One most important thing that I've learnt from these many scam cases is that doesn't matter how good the project in paper, how decentralized it is, if the project seems a bit random people better stay away because there's something bad waiting ahead. It's really unfortunate that DeFi is not even here for that long and scammers already swarming.
September 11, 2020, 08:08:42 AM
Just like what we expected, this is the same scenario as what happened in the past in ICOs. At first, it becomes the trend and after it gets the trust of the investors and make enough money, they will make a way to do an exit scam. History does repeat itself, investors should learn from this experience since this might get worst than what we expected.
September 11, 2020, 08:04:40 AM
actually it must be admitted that all systems are made for the purpose of improvement from time to time which may not develop, (for example ICO to IEO) but seeing the experience that has occurred, even though all systems look good, of course, need to be suspected behind everything that works. because many greedy people are still hanging around looking for opportunities from new programs that seem good. I haven't and can't really believe anything that is displayed because the characters behind it are still the same.
September 11, 2020, 07:37:07 AM
"A new liquidity mining pool DeFi project, Yfdexf.Finance has exited the market after defrauding investors of $20 million in total funds locked in its protocol," media outlet ZyCrypto wrote on Sept. 10.
The project shilled its vaporware hard via Twitter and messaging apps such as Discord over the past 48 hours, ZyCrypto detailed. Cointelegraph tried tracking down details of the effort, but all traces of the scam appear to have been deleted at press time.
The DeFi space has moved incredibly fast in 2020, especially in recent weeks, with projects such as SushiSwap seeing millions of dollars in action only days after its launch. Some such projects, however, have proven to be problematic in a variety of ways.
https://cointelegraph.com/news/another-defi-exit-scam-just-made-off-with-20m-in-investor-funds
The project shilled its vaporware hard via Twitter and messaging apps such as Discord over the past 48 hours, ZyCrypto detailed. Cointelegraph tried tracking down details of the effort, but all traces of the scam appear to have been deleted at press time.
The DeFi space has moved incredibly fast in 2020, especially in recent weeks, with projects such as SushiSwap seeing millions of dollars in action only days after its launch. Some such projects, however, have proven to be problematic in a variety of ways.
https://cointelegraph.com/news/another-defi-exit-scam-just-made-off-with-20m-in-investor-funds
Every one wants to get rich faster and they choose crypto as a gambling, its the same old thing repeating like in 2017-2018 launching new projects and pump n dump
and there are more than 60-70% of newbies who wont research and start to invest and this days its DEFI DEFI everywhere, everyone need to be looking for which is legit and which is not
September 11, 2020, 07:25:15 AM
Hell yeah... investors must learn a lot from this case and they should never try to invest in the shit scam defi anymore. That's enough for this trend and as far as i know if yfdex never tried to publish the smartcontract or try to verify it on etherscan. WTF was wrong with the investors these days?
Oh good thousand investors were getting scammed. No more investing in the defi scam.
It's quite difficult to trace this scammer too.
Oh good thousand investors were getting scammed. No more investing in the defi scam.
It's quite difficult to trace this scammer too.
September 11, 2020, 06:44:17 AM
One after the other, DeFi are all messed up now, it's been a very hard month for the community we seen Bitcoin crashing from $12 k to $10 k and we have seen so many scam DeFi running away with millions worth of dollars, this has to end, but there are going to be legit
projects on DeFi that will suffer because of this, this is really not good for the community.
projects on DeFi that will suffer because of this, this is really not good for the community.
September 11, 2020, 06:38:32 AM
Now this is where it starts. Just like how the ICO hype was in 2017. People will keep investing into DeFi projects because its trending while scammers will take advantage of this and exit the market if they found the chance. This year really is becoming like 2017 minus the pandemic.
September 10, 2020, 03:25:31 PM
"A new liquidity mining pool DeFi project, Yfdexf.Finance has exited the market after defrauding investors of $20 million in total funds locked in its protocol," media outlet ZyCrypto wrote on Sept. 10.
The project shilled its vaporware hard via Twitter and messaging apps such as Discord over the past 48 hours, ZyCrypto detailed. Cointelegraph tried tracking down details of the effort, but all traces of the scam appear to have been deleted at press time.
The DeFi space has moved incredibly fast in 2020, especially in recent weeks, with projects such as SushiSwap seeing millions of dollars in action only days after its launch. Some such projects, however, have proven to be problematic in a variety of ways.
https://cointelegraph.com/news/another-defi-exit-scam-just-made-off-with-20m-in-investor-funds
The project shilled its vaporware hard via Twitter and messaging apps such as Discord over the past 48 hours, ZyCrypto detailed. Cointelegraph tried tracking down details of the effort, but all traces of the scam appear to have been deleted at press time.
The DeFi space has moved incredibly fast in 2020, especially in recent weeks, with projects such as SushiSwap seeing millions of dollars in action only days after its launch. Some such projects, however, have proven to be problematic in a variety of ways.
https://cointelegraph.com/news/another-defi-exit-scam-just-made-off-with-20m-in-investor-funds
Jump to: